Buffett says he'll double wind, solar investments

Tuesday, June 10, 2014 11:31 AM

Berkshire Hathaway Inc. CEO Warren Buffett said his company is ready to double its commitment to investments in wind and solar projects to $30 billion in the next decade, Bloomberg reported. During the Edison Electric Institute's annual industry convention in Las Vegas, Buffett said he likes the industry because it provides opportunities for reinvestment and further acquisitions. Berkshire Hathaway has owned MidAmerican Energy Co.'s Des Moines-based holding company, now known as Berkshire Hathaway Energy, since 2000. Berkshire has been able to plow so much into renewable energy because it can use tax credits to offset profits at other businesses, said Greg Abel, the 52-year-old CEO of Berkshire Hathaway Energy.